Pancredit Continues Rapid Expansion
Pancredit today reports significant and continued growth in FY2013; the second successive year in which it has increased turnover by more than a third. The firm grew revenues from £3.8m to £5.1m, representing a 34% increase on the previous year. First quarter 2014 results have again been strong, signalling that the firm’s growth is set to continue this year.
Pancredit, which provides intelligent loan application, administration and collection systems has prospered by meeting market demand for software systems that can help banks, commercial lenders, intermediaries and price comparison sites promote responsible lending, increase efficiency and improve the service experience they deliver to customers.
“Consumer confidence rose in 2013 and strengthened the lending market considerably, driving demand amongst lenders for intelligent systems like ours,” comments Graham Donald, Managing Director at Pancredit. “In particular, we have seen a significant increase in demand from the motor finance sector; statistics released in April by the Finance & Leasing Association highlighted a 26% growth in consumer new car finance volumes in February 2014. We have certainly felt this increase; our existing motor finance clients are expanding their services and new players are entering the market.”
The company’s source of revenue stems from Core Pancredit, the firm’s flagship loan applications, administration and collections system, which is widely deployed to service the loan books of major UK banks and financial institutions.
Today’s announcement follows news in March of Pancredit’s acquisition by leading business services outsourcing provider, Equiniti, which will provide scale and support to the firm throughout the next phase of its corporate expansion.
Graham adds: “Becoming a member of the Equiniti group will enable us to invest more in both R&D and our staff. As the business continues to flourish we are focused on expanding headcount in order to service the increase in business; currently we are recruiting for at least 10 new positions. We have ambitious targets for the year ahead and with the right team in place there is no reason why we shouldn’t exceed them.”